MIAMI, July 19, 2022 (GLOBE NEWSWIRE) -- The Group Savings Organization (The GSO) today announced the launch of its new technology platform and website, www.TheGSO.com, where hospital procurement departments can maximize cost savings while creating new non-patient revenue streams.
This revolutionary business model is helping hospitals create significant savings across a number of spend categories while simultaneously generating non-patient revenue. Medical care has evolved dramatically through technological innovations, but the system for buying the medical goods and services necessary to provide best-in-class healthcare has not. The current procurement system is outdated, non-transparent and inefficient. The GSO's advanced technology platform provides a much-needed solution to this antiquated way of doing business, empowering health organizations to achieve cost improvements on both medical and other non-medical categories of healthcare spend like real estate, communications, technology, utility contracts and many others.
Under current purchasing structures, hospitals use Group Purchasing Organizations (GPOs) in an attempt to achieve savings by aggregating purchase volume, and then using that leverage to negotiate discounts with vendors. However, for various operational and institutional reasons, this process does not maximize cost savings or create a viable revenue stream, outside of pharmaceuticals. While most hospital CFOs agree there needs to be a better, more effective process, there has been no solution over the last 100 years — until today's launch of The GSO.
With The GSO process, Subscribers are connected with GSO Affiliates using cutting-edge technological services that have been proven to save hospitals millions of dollars on critical and non-critical goods and services. The GSO offering is unique and the first of its kind in hospital procurement, revolutionizing how and where health organizations view their potential opportunities for savings.
Using a seamless login via The GSOhub, hospital Subscribers can monitor transactions and track negotiations of the procurement of over 100+ categories of medical and non-medical spend. In addition, Subscribers can also access additional services including Employee Workshops, Contract Management, Asset Management, and Transaction Management. All GSO services are offered at zero cost to The GSO Subscribers.
Scott Robins, founder of The GSO, commented, "We are excited to announce that we have moved from pilot phase to official launch after two years in development. We believe we have significant competitive, first-mover advantages in this space and have proven that The GSO will help reduce costs and generate non-patient revenue for hospitals in search of a better procurement system. Over the next several months, we will be investing in not only our technological capabilities, but also our sales, marketing and communications efforts to take advantage of the many opportunities to work with these medical organizations."
Robins added, "Your hospital is most likely currently paying more than it needs to for both medical and non-medical goods and services. With GPOs, their negotiated pricing is the ceiling. With The GSO, that pricing is the floor."
During the pilot phase, The GSO worked with a number of hospitals to prove its model. One Tennessee-based hospital achieved over $5.5 million in net savings generated across almost all of its departments, including facilities, bio-med, technology, administration, ED, oncology, cardiology, as well as almost $200,000 in non-patient revenue in less than a year. More partners are being integrated daily and the company expects to announce additional partnerships, key personnel hires and board appointments in the near future.
For more information and to learn about our capabilities and services, please visit www.thegso.com.
Media Contact:
Melissa Sheer / Livia Maguire
Kent Place Communications
melissa@kentplacellc.com
917-690-2199
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